Impact of closing all credit cards together

[skchamp]

After using credit cards for the past 6 years, I have come to a personal conclusion:
- Takes up a significant mind power on my side trying to maximise rewards on spends.
- Improper management of spends. Managing spends across 6 credit cards against 1 single UPI enabled savings account.
- For bank offers during online sales, I can always manage to use cards from friends.

What if I decide to close all my CCs at once for the peace of mind?

What will it's impact be on CIBIL if I close all CCs at once- if I am going with any home loans in recent time, will it make an impact?

 

[Gaara]

What will it's impact be on CIBIL if I close all CCs at once- if I am going with any home loans in recent time, will it make an impact?

Consider retaining a few cards with a lengthy credit history to maintain a positive credit history and a diverse credit mix.

As you are facing difficulties managing multiple credit cards, it’s advisable to close them, Prioritizing your peace of mind.

Since you’ve lost interest in rewards, select two cards that you find reliable and have excellent customer support, and proceed to close the remaining ones.

 

[Pujaari]

What if I decide to close all my CCs at once for the peace of mind?

Your leather wallet will become a portal to a land of perpetual bills.

 

[skchamp]

Your leather wallet will become a portal to a land of perpetual bills.

Didn't get you

 

[Zacobite]

After using credit cards for the past 6 years, I have come to a personal conclusion:
- Takes up a significant mind power on my side trying to maximise rewards on spends.
- Improper management of spends. Managing spends across 6 credit cards against 1 single UPI enabled savings account.
- For bank offers during online sales, I can always manage to use cards from friends.

What if I decide to close all my CCs at once for the peace of mind?

What will it's impact be on CIBIL if I close all CCs at once- if I am going with any home loans in recent time, will it make an impact?

Closing all at once is not recommended.. Not only will it impact your score it will be very difficult to get it back to good levels. Suggest you profile your credit cards - Keep 2 or 3 with the oldest relationship + the highest limits + the most used, rewarding.. 2/3 you can close 1 by 1 over the next 6-12 months.. all this is without knowing which CCs you have.. if u can share names / tenure and limits.. we can suggest better..

 

[Pujaari]

Didn't get you

Ladies and gentlemen, welcome to the Credit Card Forum! Where we discuss the mystical art of swiping plastic, the dance of interest rates, and the ancient scrolls of rewards points.

Now, behold! A brave soul approaches, asking about the impact of closing all credit cards. A hush falls over the forum.

😂😂😂
Just messing with you buddy

 

[mj01]

After using credit cards for the past 6 years, I have come to a personal conclusion:
- Takes up a significant mind power on my side trying to maximise rewards on spends.
- Improper management of spends. Managing spends across 6 credit cards against 1 single UPI enabled savings account.
- For bank offers during online sales, I can always manage to use cards from friends.

What if I decide to close all my CCs at once for the peace of mind?

What will it's impact be on CIBIL if I close all CCs at once- if I am going with any home loans in recent time, will it make an impact?

Consider retaining 1-2 cards - might be useful for emergency spends. What cards do you own if I may ask?

 

[EINSTEIN]

You will receive a msg from RBI saying OIL UP!!! then 1 agent from each credit bureau will visit you once. You will be fine after a few days. Happened to someone I know

 

[skchamp]

Cards held:
MRCC (oldest)
Idfc Select (LTF)
SBI Cashback Card
Axis Airtel
Indusind Ezydiner- highest limit
Tata Neu Infinity (LTF)

 

[SSV]

Cards held:
MRCC (oldest)
Idfc Select (LTF)
SBI Cashback Card
Axis Airtel
Indusind Ezydiner- highest limit
Tata Neu Infinity (LTF)

If your sole aim is to minimise your cc portfolio without big damage to CIBIL then keep the following cards …

SBI cb
Axis Airtel and
Tata Neu infinity LTF…

Rest all you can close…
What is the age of your MRCC ?
What is the oldest in the above 3 suggested and its age?


May be in a year or two you can close axis Airtel as well . By that time it will be useless..
Then after a year you will have
SBI CB
and Tata Neu infinity LTF..

Meanwhile you can make SBI CB LTF as well..
Then all peace, no stress
All the best

Here is how you can make your SBI CB card LTF , read all the posts after this post

Post in thread 'Pro Tips to make a SBI card life time free'
https://www.technofino.in/community...e-a-sbi-card-life-time-free.10592/post-447090

 

[Vasuki]

After using credit cards for the past 6 years, I have come to a personal conclusion:
- Takes up a significant mind power on my side trying to maximise rewards on spends.
- Improper management of spends. Managing spends across 6 credit cards against 1 single UPI enabled savings account.
- For bank offers during online sales, I can always manage to use cards from friends.

What if I decide to close all my CCs at once for the peace of mind?

What will it's impact be on CIBIL if I close all CCs at once- if I am going with any home loans in recent time, will it make an impact?

I get your point
So u want to remain stress free
Trying to minimise things is also a stress

Well my friend - there is no perfect world or scenario
Even if u start living in jungle you will have stress of hunting or gathering fruits or farm land not giving enough crop per hectare that u thought it would.


We all try to perfect things later find out there is always more chaos coming

happiness is everyday there is no act or thing you achieve which brings happiness
it's the process not the outcome.